---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-122785"
form_type: "8-K"
ticker: "TERN"
cik: "0001831363"
company_name: "Terns Pharmaceuticals, Inc."
filed_at: "2026-03-25T23:59:59+00:00"
generated_at: "2026-05-15T09:03:18.336880+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Merck to acquire Terns for $53.00/share ($6.7B equity value); adds CML candidate TERN-701

## Summary
- Merck subsidiary will pay $53.00 per share in cash, representing ~$6.7B equity value; ~$5.7B net of acquired cash.
- Premium of 31% to 60-day and 42% to 90-day VWAP as of March 24, 2026.
- Terns’ lead candidate TERN-701 is an investigational allosteric BCR::ABL1 inhibitor in Phase 1/2 for CML; FDA Orphan Drug Designation granted March 2024.
- Transaction subject to HSR waiting period, tender of >50% of Terns shares, and other customary conditions; expected to close Q2 2026.
- Merck expects ~$5.8B charge (~$2.35/share) in Q2 and full year 2026 GAAP and non-GAAP results related to the acquisition.

## SEC filing metadata
- accession: 0001193125-26-122785
- form_type: 8-K
- ticker: TERN
- cik: 0001831363
- company_name: Terns Pharmaceuticals, Inc.
- filed_at: 2026-03-25T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1831363/000119312526122785/0001193125-26-122785-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1831363/000119312526122785/d86253d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-122785
- JSON: https://secwatch.observer/filing/0001193125-26-122785.json
- Plain text: https://secwatch.observer/filing/0001193125-26-122785.txt

## Source-grounded claims
- claim_id: ddc7cc7fbb814dc8e6c7e36b8a9614085c72f7ec
  claim: Terns Pharmaceuticals, Inc. entered into Agreement and Plan of Merger with Merck Sharp & Dohme LLC, Thailand Merger Sub, Inc. (effective 2026-03-24).
  evidence_excerpt: On March 24, 2026, Terns Pharmaceuticals, Inc., a Delaware corporation (the “ Company ” or “ Terns ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) by and among the Company, Merck Sharp & Dohme LLC, a New Jersey limited liability company (“ Parent ” or “ Merck ”), and Thailand Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“ Purchaser ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1831363/000119312526122785/0001193125-26-122785-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.